expenditures and expenses as the terms are used in governmental accounting? a. The distinction between expenditures and expenses is dependent upon GASB. Expenditures are defined as decreases in net financial resources. Expenses are defined as outflows or expirations of assets or the incurrence of liabilities during a period. 2. Using the summary table at the end of chapter 5 as well as the more specific information within the chapter, explain how and when each of these expenses/expenditures
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from 2011 to 2014 they have been seeing a huge increase in revenue, cost of goods sold, their gross profit, and operating income. They began to see an additional expense in 2013 and 2014. Apple Inc. seen a huge loss in 2014 on sales of investments. The other areas that Apple Inc. began to see a huge trend would be EBT, Income Tax Expense, Earnings from Continuing Operations, and Net Income. According to their financial statements they are above their industry competitors in return on assets, gross
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FINANCIAL ACCOUNTING CASE 8-1 Norman Corporation (A) Case Analysis Group : 2 Members : Carbonell, Rosario Carpio, Nathaniel Zarate, Vic Paulo Date : October 21, 2013 I. Title of the case: Norman Corporation (A) II. Background of the Case Until 2010, Norman Corporation, a young manufacturer of specialty consumer products, had not had its financial statements audited. It had, however, relied on the auditing firm of Kline & Burrows to prepare its income tax returns
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C HAPT E R 11 ACCOUNTING FOR BRANCH OPERATIONS Corporations in Financial Difficulty Not-for-Profit and Governmental Entities Partnerships Reporting Requirements Multinational Entities Multi-Corporate Entities Branch Operations Additional Consolidation Issues Intercorporate Transfers Consolidation Procedures Consolidation Concepts Intercorporate Investments Business Combinations One route to corporate expansion is the external approach of acquiring other companies in business combinations
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2014 Land $173,333 Building $130,000 Equipment $216.667 Cash $520,000 Exercise 8-6 Asset Disposal 1. Depreciation expense per year= ($60,000-6,000)/6=$9,000 So, depreciation expense for 2014=$9,000/2= $4,500 Journal entry to record depreciation for 2014: July 1, 2014 Depreciation Expense $4,500 Accumulated Depreciation—Assets $4,500 Journal entry to record transaction for the sale of assets: July 1, 2014 Cash $40,000
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1. An earthquake destroyed the home office building of a company located in an inland city. This should be reported as a(n)… a. | extraordinary loss. | b. | prior period adjustment. | c. | loss from continuing operations. | d. | loss from discontinued operations. | 2. A material loss should be presented separately as a component of income from continuing operations when it is … a. | infrequent in occurrence but not unusual in nature. | b. | infrequent in occurrence and unusual
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Question 2 | | Here are comparative balance sheets for Taguchi Company. | TAGUCHI COMPANY | Comparative Balance Sheets | ------------------------------------------------- December 31 | Assets | ------------------------------------------------- 2011 | | ------------------------------------------------- 2010 | Cash | $73,000 | | $22,000 | Accounts receivable | 85,000 | | 76,000 | Inventories | 170,000 | | 189,000 | Land | 75,000 | | 100,000 | Equipment |
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money of financial assets sales. 5. Borrowing. 2 Government expenditures include five chapters: 1. Wages & salaries and compensations for workers. 2. Goods & services. 3. Interests. 4. Subsidies, grants & social / Advantages. 5. Other expenses. 6. Investments. 7. Purchases from financial assets. 8. Repayments of loans. 3 Government Expenditures Economical Criterion Functional Criterion Includes eight chapters 4 State Budget “ Is a financial plan that includes the
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Cost of inventories of a service provider 19 Cost of agricultural produce harvested from biological assets 20 Techniques for the measurement of cost 21-22 Cost formulas 23-27 Net realisable value 28-33 RECOGNITION AS AN EXPENSE 34-35 DISCLOSURE 36-39 APPENDICES A. References to matters contained in other Indian Accounting Standards 1. Comparison with IAS 2, Inventories Indian Accounting Standard (Ind AS) 2 Inventories (This Indian Accounting Standard
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True Fitness Business Plan By Ian Davenport 1 I. EXECUTIVE SUMMARY The business outlined in this plan is an “all-sport” club that will offer a variety of different exercise techniques in order to please its clients. We feel this market is very profitable because it reaches over 33.8 million people across the United States and brings in over $12.2 billion annually. Club memberships in the United States have increased every year since 1987 and a strong market makes a strong business. We are
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